Sunway Unit Bags S$703.6 Mln Residential Development Job In Singapore

KUALA LUMPUR, July 17 (Bernama) -- The Urban Redevelopment Authority of Singapore has awarded a 1.58-hectare land parcel at Chuan Grove, Singapore, to Sing Holdings Residential Pte Ltd (SHRPL) and Sunway Developments Pte Ltd (SDPL), following a successful joint tender by both parties.

In a Bursa Malaysia filing today, Sunway Bhd said the contract involves a 99-year lease for residential development at a total consideration of S$703.6 million (approximately RM2.33 billion).

SDPL is a wholly owned subsidiary of Sunway Holdings Sdn Bhd, which is in turn wholly owned by Sunway Bhd.

“SHRPL and SDPL will incorporate a joint venture company -- where SHRPL and SDPL will hold equity interests in a 65:35 ratio at a later stage -- to undertake the development of the land,” Sunway added.

The proposed development is expected to contribute positively to the earnings of the Sunway Group from the financial year ending Dec 31, 2026 onwards.

-- BERNAMA